0001141103FALSE00011411032025-03-052025-03-05










UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) March 5, 2025
Filing - Cross Country full logo_2-2024.jpg
Cross Country Healthcare, Inc.
(Exact name of registrant as specified in its charter)

Delaware
0-33169
13-4066229
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
6551 Park of Commerce Boulevard, N.W., Boca Raton, FL 33487
(Address of Principal Executive Office) (Zip Code)
(561) 998-2232
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
    Title of each class                 Trading Symbol         Name of each exchange on which registered
Common stock, par value $0.0001 per share          CCRN            The Nasdaq Stock Market LLC
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.











Section 2 – Financial Information
Item 2.02     Results of Operations and Financial Condition
(a)  On March 5, 2025, Cross Country Healthcare, Inc. (“the Company”) issued a press release announcing results for the fourth quarter and full year ended December 31, 2024, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K. This information is being furnished under Item 2.02 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section.

Section 7 – Regulation FD

Item 7.01    Regulation FD Disclosure.
Incorporated by reference is a press release issued by the Company on March 5, 2025, which is attached hereto as Exhibit 99.1. This information is being furnished under Item 7.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section.
Section 9 – Financial Statements and Exhibits
Item 9.01    Financial Statements and Exhibits
(d) Exhibits

ExhibitDescription
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


















































SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

  CROSS COUNTRY HEALTHCARE, INC.
    
    
Dated:
March 5, 2025
By:/s/ William J. Burns
   Name: William J. Burns
   Title: Executive Vice President & Chief Financial Officer
    



Exhibit 99.1
filing-crosscountryfulllog.jpg
CROSS COUNTRY HEALTHCARE ANNOUNCES FOURTH QUARTER AND FULL YEAR
2024 FINANCIAL RESULTS

BOCA RATON, Fla., March 5, 2025--Cross Country Healthcare, Inc. (the “Company”) (Nasdaq: CCRN) today announced financial results for its fourth quarter and full year ended December 31, 2024.

SELECTED FINANCIAL INFORMATION:
Dollars are in thousands, except per share amountsQ4 2024Variance Q4 2024 vs Q4 2023Variance Q4 2024 vs Q3 2024Full Year 2024Variance 2024 vs 2023
Revenue$309,940 (25)%(2)%$1,344,004 (33)%
Gross profit margin*20.0 %(190)bps(40)bps20.4 %(190)bps
Net loss attributable to common stockholders$(3,753)(142)%(247)%$(14,556)(120)%
Diluted EPS$(0.12)$(0.38)$(0.20)$(0.44)$(2.49)
Adjusted EBITDA*$9,271 (55)%(10)%$49,073 (66)%
Adjusted EBITDA margin*3.0 %(200)bps(30)bps3.7 %(350)bps
Adjusted EPS*$0.04 $(0.25)$(0.08)$0.46 $(1.77)
Cash flows provided by operations$24,234 101 %224 %$120,116 (52)%
* Represents amounts that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP) and are referred to as non-GAAP measures. Please refer to the accompanying discussion below of how these non-GAAP financial measures are calculated and used under “Non-GAAP Financial Measures” and the tables reconciling these measures to the closest GAAP measure.

Fourth Quarter and Full Year Business Highlights

•Fourth quarter Revenue was at the high end of our guidance range
•Physician and Homecare Staffing experienced sequential and year-over-year revenue growth
•Cross Country Education experienced double-digit sequential revenue growth
•Secured a three-year contract renewal with our largest managed service program
•Continued strong balance sheet with $82 million of cash on hand and no debt as of December 31, 2024
•Repurchased over 2.4 million shares of common stock for $36.8 million in 2024

“Our fourth quarter top line performance was driven by continued strength in our non-travel businesses such as Physician Staffing, Education and Homecare,” said John A. Martins, President and Chief Executive Officer of Cross Country Healthcare. He continued, “As we await the closing of the pending transaction with Aya Healthcare, which we currently expect to occur in the second half of the year, we continue on our path of delivering clinical excellence in order to meet our clients’ needs in this dynamic and highly competitive market.”



1

Exhibit 99.1
Fourth quarter consolidated revenue was $309.9 million, a decrease of 25% year-over-year and 2% sequentially. Consolidated gross profit margin was 20.0%, down 190 basis points year-over-year and 40 basis points sequentially. Net loss attributable to common stockholders was $3.8 million, as compared to net income of $9.0 million in the prior year and $2.6 million in the prior quarter. Diluted earnings per share (EPS) was a net loss of $0.12, as compared to net income of $0.26 in the prior year and $0.08 in the prior quarter. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $9.3 million, or 3.0% of revenue, as compared with $20.6 million, or 5.0% of revenue, in the prior year, and $10.3 million, or 3.3% of revenue, in the prior quarter. Adjusted EPS was $0.04, as compared to $0.29 in the prior year and $0.12 in the prior quarter.

For the year ended December 31, 2024, consolidated revenue was $1.3 billion, a decrease of 33% year-over-year. Consolidated gross profit margin was 20.4%, down 190 basis points year-over-year. Net loss attributable to common stockholders was $14.6 million, or $0.44 per diluted share, as compared to net income of $72.6 million, or $2.05 per diluted share, in the prior year. Adjusted EBITDA was $49.1 million, or 3.7% of revenue, as compared to $144.4 million, or 7.2% of revenue, in the prior year. Adjusted EPS was $0.46, as compared to $2.23 in the prior year.

Quarterly Business Segment Highlights
Nurse and Allied Staffing

Revenue was $256.9 million, a decrease of 30% year-over-year and 3% sequentially. Contribution income was $20.3 million, a decrease from $33.9 million in the prior year and an increase from $19.3 million sequentially. Average field contract personnel on a full-time equivalent (FTE) basis was 7,621, as compared with 9,570 in the prior year and 7,660 in the prior quarter. Revenue per FTE per day was $363, as compared to $414 in the prior year and $373 in the prior quarter.
Physician Staffing

Revenue was $53.0 million, an increase of 13% year-over-year and 5% sequentially. Contribution income was $3.5 million, an increase from $1.9 million in the prior year and a decrease from $4.6 million sequentially. Total days filled were 25,427, as compared with 23,578 in the prior year and 24,424 in the prior quarter. Revenue per day filled was $2,085, as compared with $1,988 in the prior year and $2,058 in the prior quarter.

Cash Flow and Balance Sheet Highlights

Net cash provided by operating activities for the three months ended December 31, 2024 was $24.2 million, as compared to $12.1 million for the three months ended December 31, 2023 and $7.5 million for the three months ended September 30, 2024. We experienced an 11 day year-over-year improvement in days’ sales outstanding. For the year ended December 31, 2024, net cash provided by operating activities was $120.1 million, as compared to $248.5 million in the prior year.

During the fourth quarter, the Company repurchased and retired a total of 0.3 million shares of its common stock for an aggregate price of $3.6 million, at an average market price of $12.18 per share. As of December 31, 2024, the Company had 32.3 million unrestricted shares outstanding and $40.5 million remaining for share repurchase.

2

Exhibit 99.1
At December 31, 2024, the Company had $81.6 million in cash and cash equivalents with no debt outstanding. There were no borrowings drawn under its revolving senior secured asset-based credit facility (ABL). As of December 31, 2024, borrowing base availability under the ABL was $146.9 million, with $132.0 million of availability net of $14.9 million of letters of credit.

CONFERENCE CALL

As previously disclosed, on December 3, 2024, the Company entered into a merger agreement with Aya Healthcare, Inc. and certain of its subsidiaries (Aya Merger, and such agreement, the Merger Agreement). In light of the pending transaction, the Company will not host an earnings conference call to review fourth quarter and full year 2024 financial results, nor will it provide forward-looking guidance. This press release is also posted on the Company's website at ir.crosscountry.com.

ABOUT CROSS COUNTRY HEALTHCARE

Cross Country Healthcare, Inc. is a market-leading, tech-enabled workforce solutions and advisory firm with 38 years of industry experience and insight. We help clients tackle complex labor-related challenges and achieve high-quality outcomes, while reducing complexity and improving visibility through data-driven insights.

Copies of this and other press releases, as well as additional information about the Company, can be accessed online at ir.crosscountry.com. Stockholders and prospective investors can also register to automatically receive the Company’s press releases, filings with the Securities and Exchange Commission (SEC), and other notices by e-mail.

NON-GAAP FINANCIAL MEASURES

This press release and the accompanying financial statement tables reference non-GAAP financial measures, such as gross profit margin, adjusted EBITDA, and adjusted EPS. Such non-GAAP financial measures are provided as additional information and should not be considered substitutes for, or superior to, financial measures calculated in accordance with GAAP. Such non-GAAP financial measures are provided for consistency and comparability to prior year results; furthermore, management believes such non-GAAP financial measures are useful to investors when evaluating the Company's performance, as such non-GAAP financial measures exclude certain items that management believes are not indicative of the Company's future operating performance. Pro forma measures, if applicable, are adjusted to include the results of our acquisitions, and exclude the results of divestments, as if the transactions occurred in the beginning of the periods mentioned. Such non-GAAP financial measures may differ materially from the non-GAAP financial measures used by other companies. The financial statement tables that accompany this press release include a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure and a more detailed discussion of each financial measure; as such, the financial statement tables should be read in conjunction with the presentation of these non-GAAP financial measures.







3

Exhibit 99.1
FORWARD LOOKING STATEMENTS

This press release contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact, including statements relating to our future results (including business trends); statements regarding the proposed Aya Merger; the expected timing and closing of the proposed Aya Merger; the Company’s ability to consummate the proposed Aya Merger; the expected benefits of the proposed Aya Merger and other considerations taken into account by the Board in approving the proposed Aya Merger; the amounts to be received by stockholders; and expectations for the Company prior to and following the closing of the proposed Aya Merger, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the timing to consummate the proposed Aya Merger, (ii) the risk that a condition of closing of the proposed Aya Merger may not be satisfied or that the closing of the proposed Aya Merger might otherwise not occur, (iii) the risk that a regulatory approval that may be required for the proposed Aya Merger is not obtained or is obtained subject to conditions that are not anticipated, (iv) the diversion of management time on transaction-related issues, (v) risks related to disruption of management time from ongoing business operations due to the proposed Aya Merger, (vi) the risk that any announcements relating to the proposed Aya Merger could have adverse effects on the market price of the common stock of the Company, (vii) the risk that the proposed Aya Merger and its announcement could have an adverse effect on the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (viii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (ix) the risk that competing offers will be made, (x) unexpected costs, charges or expenses resulting from the Aya Merger, (xi) potential litigation relating to the Aya Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, (xii) worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s services and impact the Company’s profitability, (xiii) effects from global pandemics, epidemics or other public health crises, (xiv) changes in marketplace conditions, such as alternative modes of healthcare delivery, reimbursement and customer needs, and (xv) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, costs of providing services, retention of key employees, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A - Risk Factors of the Company’s Annual
4

Exhibit 99.1
Report on Form 10-K for the year ended December 31, 2023 and in the Company’s other filings with the SEC. The list of factors is not intended to be exhaustive.

These forward-looking statements speak only as of the date of this press release, and the Company does not assume any obligation to update or revise any forward-looking statement made in this press release or that may from time to time be made by or on behalf of the Company.
5

Exhibit 99.1
Cross Country Healthcare, Inc.
Consolidated Statements of Operations
(Unaudited, amounts in thousands, except per share data)
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20242023202420242023
Revenue from services$309,940 $414,035 $315,119 $1,344,004 $2,019,728 
Operating expenses:
Direct operating expenses247,948 323,546 250,961 1,069,752 1,569,318 
Selling, general and administrative expenses55,573 67,566 54,297 233,377 300,332 
Credit loss (income) expense(228)4,165 1,512 21,432 14,562 
Depreciation and amortization4,341 4,471 4,498 18,200 18,347 
Acquisition and integration-related costs4,216 — — 4,219 59 
Restructuring costs281 863 998 4,333 2,553 
Legal and other (gains) losses(928)— — 6,668 1,125 
Impairment charges2,170 — — 2,888 719 
Total operating expenses313,373 400,611 312,266 1,360,869 1,907,015 
(Loss) income from operations(3,433)13,424 2,853 (16,865)112,713 
Other expenses (income):
Interest expense608 586 550 2,188 8,094 
Loss on early extinguishment of debt— — — — 1,723 
Interest income(535)(71)(1,107)(2,050)(83)
Other expense (income), net 408 (60)21 (605)85 
(Loss) income before income taxes(3,914)12,969 3,389 (16,398)102,894 
Income tax (benefit) expense(161)3,931 834 (1,842)30,263 
Net (loss) income attributable to common stockholders$(3,753)$9,038 $2,555 $(14,556)$72,631 
Net (loss) income per share attributable to common stockholders - Basic$(0.12)$0.26 $0.08 $(0.44)$2.07 
Net (loss) income per share attributable to common stockholders - Diluted$(0.12)$0.26 $0.08 $(0.44)$2.05 
Weighted average common shares outstanding:
Basic32,338 34,481 33,016 33,379 35,158 
Diluted32,338 34,685 33,058 33,379 35,476 

6

Exhibit 99.1
Cross Country Healthcare, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited, amounts in thousands)
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20242023202420242023
Adjusted EBITDA:a
Net (loss) income attributable to common stockholders$(3,753)$9,038 $2,555 $(14,556)$72,631 
Interest expense608 586 550 2,188 8,094 
Income tax (benefit) expenseb
(161)3,931 834 (1,842)30,263 
Depreciation and amortization4,341 4,471 4,498 18,200 18,347 
Acquisition and integration-related costsc
4,216 — — 4,219 59 
Restructuring costsd
281 863 998 4,333 2,553 
Legal, bankruptcy, and other (gains) lossese
(928)— — 26,041 1,125 
Impairment chargesf
2,170 — — 2,888 719 
Loss on disposal of fixed assets86 44 — 86 87 
Loss on early extinguishment of debtg
— — — — 1,723 
Loss on lease termination— — — — 104 
Interest income(535)(71)(1,107)(2,050)(83)
Other expense (income), net 322 (104)21 (691)(106)
Equity compensation1,698 1,166 870 6,025 6,579 
System conversion costsh
926 668 1,120 4,232 2,326 
Adjusted EBITDAa
$9,271 $20,592 $10,339 $49,073 $144,421 
Adjusted EBITDA margina
3.0 %5.0 %3.3 %3.7 %7.2 %
Adjusted EPS:i
Numerator:
Net (loss) income attributable to common stockholders$(3,753)$9,038 $2,555 $(14,556)$72,631 
Non-GAAP adjustments - pretax:
Acquisition and integration-related costsc
4,216 — — 4,219 59 
Restructuring costsd
281 863 998 4,333 2,553 
Legal, bankruptcy, and other (gains) lossese
(928)— — 26,041 1,125 
Impairment chargesf
2,170 — — 2,888 719 
Other expense (income), net311 — — (804)— 
System conversion costsh
926 668 1,120 4,232 2,326 
Loss on early extinguishment of debtg
— — — — 1,723 
Tax impact of non-GAAP adjustments(1,843)(400)(552)(10,867)(2,167)
Adjusted net income attributable to common stockholders - non-GAAP$1,380 $10,169 $4,121 $15,486 $78,969 
Denominator:
Weighted average common shares - basic, GAAP32,338 34,481 33,016 33,379 35,158 
Dilutive impact of share-based payments68 204 42 133 318 
Adjusted weighted average common shares - diluted, non-GAAP32,406 34,685 33,058 33,512 35,476 
Reconciliation:
Diluted EPS, GAAP$(0.12)$0.26 $0.08 $(0.44)$2.05 
Non-GAAP adjustments - pretax:
Acquisition and integration-related costsc
0.13 — — 0.13 — 
Restructuring costsd
0.01 0.02 0.03 0.13 0.07 
Legal, bankruptcy, and other (gains) lossese
(0.03)— — 0.77 0.03 
Impairment chargesf
0.07 — — 0.09 0.02 
Other expense (income),net0.01 — — (0.02)— 
System conversion costsh
0.03 0.03 0.03 0.13 0.07 
Loss on early extinguishment of debtg
— — — — 0.05 
Tax impact of non-GAAP adjustments(0.06)(0.02)(0.02)(0.33)(0.06)
Adjusted EPS, non-GAAPi
$0.04 $0.29 $0.12 $0.46 $2.23 
7

Exhibit 99.1
Cross Country Healthcare, Inc.
Consolidated Balance Sheets
(Unaudited, amounts in thousands)
December 31,December 31,
20242023
Assets
Current assets:
Cash and cash equivalents$81,633 $17,094 
Accounts receivable, net223,238 372,352 
Income taxes receivablej
10,389 8,620 
Prepaid expenses7,848 7,681 
Insurance recovery receivable9,255 9,097 
Other current assets2,637 2,031 
Total current assets335,000 416,875 
Property and equipment, net28,850 27,339 
Operating lease right-of-use assets2,468 2,599 
Goodwill135,060 135,430 
Other intangible assets, net42,186 54,468 
Deferred tax assetsj
8,104 5,979 
Insurance recovery receivable20,928 25,714 
Cloud computing10,846 5,987 
Other assets5,809 6,673 
Total assets$589,251 $681,064 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and accrued expensesj
$64,946 $92,822 
Accrued compensation and benefits47,646 52,297 
Operating lease liabilities2,089 2,604 
Earnout liability4,411 6,794 
Other current liabilities1,310 1,559 
Total current liabilities120,402 156,076 
Operating lease liabilities1,782 2,663 
Accrued claims34,425 34,853 
Earnout liability— 5,000 
Uncertain tax positions10,117 10,603 
Other liabilities3,566 4,218 
Total liabilities170,292 213,413 
Commitments and contingencies
Stockholders' equity:
Common stock3 4 
Additional paid-in capital202,338 236,417 
Accumulated other comprehensive loss(1,441)(1,385)
Retained earningsj
218,059 232,615 
Total stockholders' equity418,959 467,651 
Total liabilities and stockholders' equity$589,251 $681,064 







8

Exhibit 99.1
Cross Country Healthcare, Inc.
Segment Datak
(Unaudited, amounts in thousands)
Three Months EndedYear-over-YearSequential
December 31,% ofDecember 31,% ofSeptember 30,% of% change% change
2024Total2023Total2024TotalFav (Unfav)Fav (Unfav)
Revenue from services:
Nurse and Allied Staffing$256,929 83 %$367,155 89 %$264,853 84 %(30)%(3)%
Physician Staffing53,011 17 %46,880 11 %50,266 16 %13 %5 %
$309,940 100 %$414,035 100 %$315,119 100 %(25)%(2)%
Contribution income:l
Nurse and Allied Staffing$20,347 $33,901 $19,251 (40)%6 %
Physician Staffing3,549 1,947 4,629 82 %(23)%
23,896 35,848 23,880 (33)%— %
Corporate overheadm
17,249 17,090 15,531 (1)%(11)%
Depreciation and amortization4,341 4,471 4,498 3 %3 %
Restructuring costsd
281 863 998 67 %72 %
Legal and other (gains) lossesn
(928)— — 100 %100 %
Impairment chargesf
2,170 — — (100)%(100)%
Acquisition and integration-related costsc
4,216 — — (100)%(100)%
(Loss) income from operations$(3,433)$13,424 $2,853 (126)%(220)%
Year EndedYear-over-Year
December 31,% ofDecember 31,% of% change
2024Total2023TotalFav (Unfav)
Revenue from services:
Nurse and Allied Staffing$1,145,419 85 %$1,841,428 91 %(38)%
Physician Staffing198,585 15 %178,300 9 %11 %
$1,344,004 100 %$2,019,728 100 %(33)%
Contribution income:l
Nurse and Allied Staffing$72,601 $196,777 (63)%
Physician Staffing15,349 9,788 57 %
87,950 206,565 (57)%
Corporate overheadm
68,507 71,049 4 %
Depreciation and amortization18,200 18,347 1 %
Restructuring costsd
4,333 2,553 (70)%
Legal and other lossesn
6,668 1,125 (493)%
Impairment chargesf
2,888 719 (302)%
Acquisition and integration-related costsc
4,219 59 NM
(Loss) income from operations$(16,865)$112,713 (115)%

NM - Not meaningful





9

Exhibit 99.1
Cross Country Healthcare, Inc.
Summary Condensed Consolidated Statements of Cash Flows
(Unaudited, amounts in thousands)
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20242023202420242023
Net cash provided by operating activities$24,234 $12,074 $7,470 $120,116 $248,498 
Net cash used in investing activities(2,531)(2,875)(1,124)(8,714)(13,775)
Net cash used in financing activities(4,077)(6,416)(11,926)(46,849)(221,241)
Effect of exchange rate changes on cash(14)10 — (14)8 
Change in cash and cash equivalents17,612 2,793 (5,580)64,539 13,490 
Cash and cash equivalents at beginning of period64,021 14,301 69,601 17,094 3,604 
Cash and cash equivalents at end of period$81,633 $17,094 $64,021 $81,633 $17,094 


Cross Country Healthcare, Inc.
Other Financial Data
(Unaudited)
Three Months EndedYear Ended
December 31,December 31,September 30,December 31,December 31,
20242023202420242023
Revenue from services$309,940 $414,035 $315,119 $1,344,004 $2,019,728 
Less: Direct operating expenses247,948 323,546 250,961 1,069,752 1,569,318 
Gross profit$61,992 $90,489 $64,158 $274,252 $450,410 
Consolidated gross profit margino
20.0 %21.9 %20.4 %20.4 %22.3 %
Nurse and Allied Staffing statistical data:
FTEsp
7,621 9,570 7,660 8,205 10,831 
Average Nurse and Allied Staffing revenue per FTE per dayq
$363 $414 $373 $378 $462 
Physician Staffing statistical data:
Days filledr
25,427 23,578 24,424 97,888 92,504 
Revenue per day filleds
$2,085 $1,988 $2,058 $2,029 $1,927 

(a)    Adjusted EBITDA, a non-GAAP financial measure, is defined as net income (loss) attributable to common stockholders before interest expense, income tax expense (benefit), depreciation and amortization, acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other losses, customer bankruptcy loss, impairment charges, gain or loss on derivative, loss on early extinguishment of debt, gain or loss on disposal of fixed assets, gain or loss on lease termination, gain or loss on sale of business, interest income, other expense (income), net, equity compensation, and system conversion costs. Adjusted EBITDA is not and should not be considered a measure of financial performance under GAAP. Management presents Adjusted EBITDA because it believes that Adjusted EBITDA is a useful supplement to net income (loss) attributable to common stockholders as an indicator of operating performance. Management uses Adjusted EBITDA for planning purposes and as one performance measure in its incentive programs for certain members of its management team. Adjusted EBITDA, as defined, closely matches the operating measure as defined by the Company's credit facilities. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by the Company's consolidated revenue.
(b)    The decrease in income tax expense for the 2024 periods related to a decrease in book income primarily driven by credit loss expense.
(c)    Acquisition and integration costs relate primarily to fees associated with the pending Aya Merger.
(d)     Restructuring costs were primarily comprised of employee termination costs, lease-related exit costs, and reorganization costs as part of planned cost savings initiatives.
(e)    Includes legal costs and other settlement charges as presented on the consolidated statements of operations and losses pertaining to matters outside the normal course of operations. The Company incurred a settlement expense of $1.2 million, and recorded a $1.8 million recovery related to a previous loss, in the fourth quarter of 2024, and incurred $19.4 million of credit loss expense, driven by a bankruptcy filing by a single MSP
10

Exhibit 99.1
customer, for the year ended December 31, 2024. There was no significant impact on operations from this MSP client as the majority of the business had been wound down in the prior year. For the year ended December 31, 2023, the Company incurred $1.1 million, including legal fees, to settle a wage and hour class action lawsuit.
(f)    Impairment charges for the year ended December 31, 2024 were related to right-of-use assets and related property in connection with vacated leases during 2024, as well as the write-off of goodwill and intangible assets associated with the impairment of a previous asset acquisition. Impairment charges for the year ended December 31, 2023 primarily related to the write-off of an abandoned IT project.
(g)    Loss on early extinguishment of debt for the year ended December 31, 2023 consisted of the write-off of debt issuance costs related to the payoff and termination of the term loan on June 30, 2023.
(h)    System conversion costs include enterprise resource planning system costs related to the upgrading and integrating of our middle and back-office platforms, with certain development costs capitalized and amortized in accordance with the Company's policies, and applicant tracking system costs related to the Company's project to replace its legacy system supporting its travel nurse staffing business.
(i)     Adjusted EPS, a non-GAAP financial measure, is defined as net income (loss) attributable to common stockholders per diluted share before the diluted EPS impact of acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other losses, customer bankruptcy loss, impairment charges, gain or loss on derivative, loss on early extinguishment of debt, gain or loss on sale of business, system conversion costs, and nonrecurring income tax adjustments. Adjusted EPS is not and should not be considered a measure of financial performance under GAAP. Management presents Adjusted EPS because it believes that Adjusted EPS is a useful supplement to its reported EPS as an indicator of operating performance. Management believes Adjusted EPS provides a more useful comparison of the Company's underlying business performance from period to period and is more representative of the future earnings capacity of the Company than EPS. Quarterly non-GAAP adjustment may vary due to rounding.
(j)    Financial information included in the December 31, 2023 balance sheet includes immaterial revisions to the Company's previously-reported financial information. Please see the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as filed with the SEC, for more information.
(k)     Segment data is provided in accordance with the Segment Reporting Topic of the Financial Accounting Standards Board Accounting Standards Codification.
(l)     Contribution income is defined as income (loss) from operations before depreciation and amortization, acquisition and integration-related (benefits) costs, restructuring (benefits) costs, legal and other (gains) losses, impairment charges, and corporate overhead. Contribution income is a financial measure used by management when assessing segment performance.
(m)    Corporate overhead includes unallocated executive leadership and other centralized corporate functional support costs such as finance, IT, legal,    human resources, and marketing, as well as public company expenses and Company-wide projects (initiatives).
(n)    Legal and other losses includes legal costs and other settlement charges as presented on the consolidated statements of operations and losses pertaining to matters outside the normal course of operations.
(o)     Gross profit is defined as revenue from services less direct operating expenses. The Company's gross profit excludes allocated depreciation and amortization expense. Gross profit margin is calculated by dividing gross profit by revenue from services.
(p)    FTEs represent the average number of Nurse and Allied Staffing contract personnel on a full-time equivalent basis.
(q)    Average revenue per FTE per day is calculated by dividing the Nurse and Allied Staffing revenue, excluding permanent placement, per FTE by the number of days worked in the respective periods.
(r)    Days filled is calculated by dividing the total hours invoiced during the period, including an estimate for the impact of accrued revenue, by 8 hours.
(s)    Revenue per day filled is calculated by dividing revenue as reported by days filled for the period presented.


Cross Country Healthcare, Inc.
William J. Burns, 561-237-2555
Executive Vice President & Chief Financial Officer
wburns@crosscountry.com

Source: Cross Country Healthcare, Inc.

11
v3.25.0.1
Cover
Mar. 05, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 05, 2025
Entity Registrant Name Cross Country Healthcare, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 0-33169
Entity Tax Identification Number 13-4066229
Entity Address, Address Line One 6551 Park of Commerce Boulevard, N.W.
Entity Address, City or Town Boca Raton
Entity Address, State or Province FL
Entity Address, Postal Zip Code 33487
City Area Code 561
Local Phone Number 998-2232
Title of 12(b) Security Common stock, par value $0.0001 per share
Trading Symbol CCRN
Security Exchange Name NASDAQ
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001141103
Amendment Flag false
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